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Wynn Resorts shrinks board; seeks vote on Okada

Published on NewsOK Modified: December 13, 2012 at 5:57 pm •  Published: December 13, 2012

Wynn Resorts said it is adding Jay Hagenbuch, chairman and founder of investment firms M&H Realty Partners and WestLand Capital Partners, to its board as an independent director and a member of the audit committee.

"By streamlining the board and eliminating an unsuitable director, the company will be well positioned to capitalize on the enormous opportunities in the market and execute our ambitious expansion plans," Chairman and CEO Wynn said in a statement.

The company is seeking regulatory approval to open casinos in Pennsylvania and Massachusetts. This would not be possible with "an unsuitable director" and the company will benefit from a streamlined board with greater independent representation, Wynn said.

Wynn Resorts operates luxury hotels and resorts in Las Vegas and Macau. Its shares rose 76 cents to close at $114.22 and were unchanged in after-hours trading on the news.